Drake and LeBron James become ‘strategic investors’ in PGA Tour

As the phrase goes, money talks.

Just last week, Viktor Hovland slammed professional golf’s ‘soulless’ and ‘sad’ obsession over money.

It’s all come as the PGA Tour tries to keep pace with LIV Golf and do so by partnering with the Strategic Sports Group.

Spearheaded by Fenway Sports Group and comprised of several high-level U.S.-based sports owners, SSG has joined the fight to create a new, for-profit entity called PGA Tour Enterprises.

The major $3 billion investment deal will see players share equity and have $1.5 billion divvied up between them on the US circuit.

Across four groups, an initial $930 million will be spread out amongst past and present players. It will be based on career, recent and past performance and PIP results.

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However, it appears that more people are involved in the deal than was first thought.

According to the New York Times Dealbook newsletter, NBA superstar LeBron James and rapper Drake were part of a group of celebrities who personally invested in the new venture.

It claims that Drake and James will be “strategic investors” in PGA Tour Enterprises to broaden golf’s audience.

“Golf can be so much more than a sport,” Drake said in a statement to DealBook.

“I remember some of my best childhood memories was being on the golf course with my uncle.

“It’s one thing to invest in a team, but to help reimagine one of the biggest leagues in the world is an incredible opportunity and I’m excited to be a part of it.”

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The celebrity pair are both familiar with sports investing.

In 2021, James took a stake in FSG, which owns the Boston Red Sox and Liverpool FC. The 39-year-old’s investment is separate from FSG’s involvement in the deal.

Meanwhile in 2022, James and Drake invested in AC Milan, an Italian football club, alongside RedBird Capital Partners and the owners of the New York Yankees.

Other PGA Tour investors who were previously unidentified include: Chris Pratt (actor), Maverick Carter (James’s business partner), Rich Paul (James’s agent), Jeremy Zimmer (CEO of United Talent Agency) and Steve Stoute (founder of UnitedMasters).

Paul Wachter, the Los Angeles-based investor who now runs Main Street Advisors, is the man behind the investments.

John Turnbull A graduate of the University of Stirling, John joined the bunkered team in 2023 as a Content Producer, with a responsibility for covering all breaking news, tour news, grassroots content and much more besides. A keen golfer, he plays the majority of his golf at Falkirk Golf Club. Top of his 'bucket list' is a round of Pebble Beach... ideally in the company of Gareth Bale.